Tag: lankabusinessonline
Done Deal
Mar 15 (LBO) – The Treasury inked a deal with China National Machinery and Equipment Corporation on Wednesday, to build a US$ 455 million power plant in Norachcholai. Two decades overdue, the 300 megawatt plant as well as supporting infrastructure will be entirely funded by the Chinese government, Ranjith Fonseka, General Manager for the sole […]
Sri Lanka’s balance of payments records US$100 mn surplus
Mar. 15 (LBO) – Sri Lanka’s balance of payments (BOP) has recorded a US$100 million surplus for the two-months to February, the Central Bank said Wednesday as it stayed pat on interest rates for the third straight month. Please click here to read Central Bank’s monetary policy statement for March -Mel Gunasekera: mel@ The overnight […]
‘s balance of payments records US$100 mn surplus
Mar. 15 (LBO) – Sri Lanka’s balance of payments (BOP) has recorded a US$100 million surplus for the two-months to February, the Central Bank said Wednesday as it stayed pat on interest rates for the third straight month. Please click here to read Central Bank’s monetary policy statement for March -Mel Gunasekera: mel@ The overnight […]
Alternate Fuel
Mar08. (LBO) — Sri Lanka’s fuel station operators are warning potential industry newcomers of the downside of petroleum retailing in an effort to halt further fragmentation of the industry. The Petroleum Dealers’ Association, which represent the over 600 fillings stations island-wide, said the business is becoming unviable as new filling stations spring up too close […]
Green Money
Mar08 (LBO) – The Treasury is to fork out a subsidy for wood based electricity generation, making tariffs for dendro-power higher and more investor-attractive. State utility, Ceylon Electricity Board (CEB) pays private developers who supply electricity to the national grid, on the basis of a Standard Power Purchase Agreement. Suppliers like mini-hydros are paid on […]
Picking Crumbs
Mar 07 (LBO) – The Treasury has settled Rs. 500 million in unpaid subsidy bills due to Lanka Indian Oil Corp., weeks after the company’s accounts took a hit to make provision for the unpaid claims. “We received a part payment of Rs. 500 million on March 01 from the Treasury,” K Ramakrishnan, Managing Director […]
Stock punters unaware of full gains in recent peace talks: peace advocate
Mar. 04 (LBO) – Punters in Sri Lanka’s stock markets have not yet priced in the full benefits of the re-started peace talks between the government and the Tamil Tiger rebels, a peace advocate has said. The benchmark All Share Price Index, dipped 29 percent from November 16 till January 18 this year, when a […]
Sri Lanka puts the clock back after 10 years
Mar 04 (AFP) – Sri Lanka will put the clock back by half an hour and revert to its original time after a 10 year experiment that failed to save energy through marginal day light saving, state radio announced Saturday. President Mahinda Rajapakse ordered that Sri Lanka reverts to its original standard time which was […]
Foreign Flavour
Mar. 03 (LBO) – Sri Lanka is looking at the possibility of getting into a partnership with foreign governments to explore oil off the island’s western coast, a senior official said Friday. Two rounds of seismic surveys conducted by Norway’s TGS-NOPEC have shown that Sri Lanka may have oil and natural gas reserves in the […]
Sri Lanka picks up Rs. 19.4 billion cheque from Japan
Mar. 02 (LBO) – Sri Lanka Thursday signed up for Rs. 19.4 billion loans from Japan to develop three key infrastructure projects, the finance ministry said. The concessionary finance package will be split between the Galle port development project (Rs. 13.75 billion), pro-poor eastern infrastructure development project (Rs. 3.95 billion) and the tourism resources improvement […]
Illiteracy, no jobs, high risk activities among South Asia’s young could stifle progress
Illiteracy, no jobs and high risk behaviour among South Asia’s young people could affect the region’s progress and development, the World Bank says. About 20 percent of South Asia’s population is between 15 and 24, 30 percent are illiterate and they account for half of the unemployed in the region. The World Bank is meeting […]
Rising costs of electricity, firewood and milk tea fail to push Sri Lanka’s inflation
Feb. 18 (LBO) – Sri Lanka’s annual inflation rate for February slipped to 10.3 percent from 11.1 percent in January, despite high costs of firewood, electricity and milk tea, the Census & Statistics Department said Tuesday. The government uses the 12-month moving average – as measured by the Colombo Consumer Price Index (CCPI) – to […]